While the price of Bitcoin remains stable at its current level, CoinShares has released its latest investor report. We evaluate this data for our readers every Monday, and this week there are some interesting details. Which altcoins are institutional investors interested in for investment funds? How much inflow did Bitcoin receive? Here are the details.
Institutional Crypto Investor Report
Crypto investment products are preferred by institutional and qualified investors. These weekly reports are extremely important to understand how “smart money” positions itself in the crypto market. Funds received a total of $29 million inflow this week, slightly below expectations due to the latest US inflation data, which indicates a less likely interest rate hike in September.
Bitcoin became the focal point as it received an inflow of $27 million after experiencing a total outflow of $144 million in the previous three weeks. CoinShares experts stated the following regarding this:
“Crypto asset investment products received a total of $29 million inflow this week after three weeks of outflows. We believe the improved sentiment is due to the latest US inflation data, which indicates a less likely interest rate hike in September. Regionally, most of the activity took place in Canada, where there was an inflow of $24 million. However, when we look at it on an annual basis, Canada lags behind other countries. Switzerland was the only other country where significant inflows of $8 million were seen.”
Altcoins Acquired by Institutions
XRP received an inflow of $500,000 from institutions. Demand increased by 127% since the beginning of the year amidst the ongoing inflows for the past 16 weeks. So, which other altcoins attracted institutional investors? Ethereum (ETH) tops the list, receiving an inflow of $2.5 million, followed by Uniswap and Solana with inflows of $700,000 and $400,000, respectively.
The positive sentiment for XRP Coin is now fueled by the clarity of the end date of the lawsuit and the gains against the SEC. Moreover, when the lawsuit is over, there may be an IPO for Ripple, which is believed to contribute to long-term price increases.
